Bank of Cyprus, the island’s largest lender, said it obtained approval to set up an asset management company.
The new subsidiary, under the name BoC Asset Management Ltd and fully owned by the bank, already received the approval of the European Central Bank and the Cyprus Securities and Exchange Commission, the lender said in an emailed statement on Thursday.
“BOCAM will offer a wide range of investment products and services to private and institutional investors,” said the bank. “It will mainly assist as manager and custodian of mutual funds that will cover existing and future investment needs of customers in Cyprus”.
In addition, BOCAM will assist in managing alternative investment funds, advising in institutional investor management and providing fund hosting services, the bank said.
Source: Cyprus Mail